Key Points
- Bitcoin’s price reached a new ATH above $82,000, fueled by multiple factors and market optimism.
- BTC’s market cap surpassed $1.62 trillion, getting ready to overcome silver.
Bitcoin’s price rally continues following an ascendant trajectory during the past week which catapulted the coin to multiple new ATHs. The price rally is fueled by multiple factors that contribute to boosting the crypto market’s optimism and consolidating the coin’s momentum.
Bitcoin Hits a New ATH Above $82,000
At the moment of writing this article, BTC is trading above $82,300, hitting a new ATH at the beginning of this week.
The coin’s rally debuted last week on the US election day from price levels around $68,000, and continued in full force after the elections’ results came in, showing Donald Trump as the winner.
Trump has been a Bitcoin and crypto supporter in 2024, making multiple crucial promises for the industry.
Rising Optimism in the Crypto Industry
Optimism is on the rise in the crypto industry as adoption continues and a more favorable scenery for digital assets unfolds.
BTC’s price rally was also fueled by significant flows into the US BTC ETFs, and the US Fed’s decision to cut interest rates by 25 bps following the recent FOMC meeting. Another interest rate cut is expected next month, with predictions suggesting that more rate cuts in 2025 as well.
Overall, Trump’s win in the US is expected to bring a friendlier regulatory framework for Bitcoin and the crypto industry with important changes expected in Washington in 2025.
The rising optimism in the industry continues to take BTC to new ATHs, sustaining the coin’s momentum.
Bitcoin Gets Closer to Flipping Silver’s Market Cap
With this latest ATH above $82,000, BTC’s market cap surpassed $1.6 trillion getting the coin closer to flipping silver and taking the eighth position in top assets by market cap in the world.
Recently, Bitcoin overtook Meta’s position in the top assets by market cap in the world. The top 10 list includes all world assets – public companies, precious metals, cryptos, and ETFs.
This week, important economic data is expected to be released in the US which could boost the coin’s price even more.
If this bullish price trajectory continues, it’s not too far-fetched to predict Bitcoin surging to $100,000 even before the 2025 Trump inauguration.
